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It was more like a third profit warning than a budget

Slow growth may not be the Treasurys only problem. The risk is that even if the economy recovers strongly, tax receipts could remain uncomfortably weak for several years, writes David Smith, Economics Editor

GORDON BROWN has now done seven budgets and I, on a rough reckoning, must have done three times that number. Wednesday’s was unlike any other.

The budget used to be a great parliamentary occasion. Keen MPs would queue from the crack of dawn to ensure a good seat. It was the equivalent of Derby day for the House of Commons, with intense competition for the most colourful outfit and biggest hat. The women made an effort, too.

Before the advent of these mineral-water times, we used to get terribly excited about important matters like the chancellor’s tipple. A budget speech without fortification was unthinkable.

Listening to Brown on Wednesday, you realised those old chancellors had a point. I’ve heard some turgid speeches in my time, but I cannot imagine inflicting on an audience the hour of torture we had last week.